The Delhi High Court has put a hold on the enforcement of a ₹300-crore arbitral award won by a consortium led by ONGC against the Italian energy giant ENI Group in 2021. Justice Prateek Jalan issued the stay after ENI deposited over ₹296 crore in the court. The ruling also allows ONGC to initiate proceedings regarding the funds held in an international bank account belonging to the ENI group. Additionally, the court permitted the Italian company to submit objections to ONGC’s execution petition.
According to ONGC, the foreign energy firm is required to pay USD 31,577,805 as per the award. In July 2021, a three-member arbitral tribunal unanimously ordered the ENI group—including ENI India, ENI SPA, ENI Lasmo PLC, and ENI International BV—to pay ONGC USD 20,027,974, plus interest at a rate of 7% from August 2013 until payment is made.
